Brexit, Pirelli stated, should have little or no impact on its operation in the UK, though costs and pricing would need to be balanced for the internal market.
With regards to exports, the Italian tire-maker said, higher raw material costs should be offset by sterling devaluation and control of operating costs.
As a leading tire-maker with no manufacturing base in the UK, Continental said it is unlikely to be affected by the vote as "less than 3 percent of our sales" are generated in the UK.
Nevertheless, Continental CEO Elmar Degenhart did criticise the decision as a move that could undermine the EU.
“Going it alone”, he told ERJ, “goes against the very reason for founding the EU in the first place and is not the answer to the challenges we face from global competition with America and Asia.”
Degenhart also echoed the concerns voiced by the industry suggesting that the time taken to negotiate new trade agreements could cause political and economic uncertainty as well as job cuts in London’s financial district.
German plastic and rubber machinery producers are also concerned.
Stating that he “very much regretted” the Brexit decision, the head of VDMA Thorsten Kühmann, predicted that “on the plastics and rubber machine side, in the next one to two years we will not see many investments in the UK.
This, according to Kühmann, was because it was “uncertain” how the relationship between the UK and the EU would develop.
Incidentally, machinery sales to the UK is also 3 percent of the total German export, which according to Kühmann shouldn’t be “a big drama” if there is a fall.
Of the EU member states, The Netherlands stands to lose the most by the vote according to the country’s Bureau for Economic Policy Analysis (CPB).